Luxury automaker BMW sees net profit ease 1.2 percent in Q3, affirms outlook

MarketsAssociated Press

Germany's luxury automaker BMW AG says that net profit slipped 1.2 percent in the third quarter from the same period a year ago.

The profit of 1.31 billion euros ($1.64 billion) fell short of analyst expectations for 1.36 billion euros, as compiled by financial information company FactSet.

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A tax bill that was 40 million euros higher than last year was one factor reducing net profit.

The maker of the 3-Series sedan and X5 sport-utility nonetheless said Tuesday it had a good quarter and reaffirmed its outlook for the year, saying pre-tax profit would exceed last year's 7.9 billion euros.

Operating earnings rose 9.7 percent, excluding interest and taxes. Revenues rose 4.5 percent to 19.6 billion, as the company sold 509,669 cars worldwide, an increase of 5.8 percent.